Shiba Inu Records Highest-Ever Token Burn as SHIB Remains in Sideways Bias
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
This burn is the highest single community-led burn in the history of SHIB burning, the highest since the launch of the Burn Portal. That said, the recent behemoth burn has seen Shiba Inu’s burn rate surge dramatically, by 2682.35% in the last 24 hours, according to data from Shibburn.
Before the record-breaking transaction, Etherscan revealed that a mysterious wallet had sent 1,325,571,332 SHIB to a dead wallet in two separate transactions. These transactions were made on April 24, a day before the launch of the SHIB Burn Portal.
After the launch of the portal, the Shiba Inu team called on the community to burn SHIB tokens, promising that they would be rewarded with an “official partner token” of the Shiba Inu ecosystem, the ‘Ryoshi Vision.’ The network began distributing the Ryoshi Vision rewards yesterday, according to a tweet from the official Ryoshi Vision Twitter handle. The handle also tweeted that it would start distributing burn rewards weekly.
Key Shiba Inu Levels to Watch — May 18
Shiba Inu has held the $0.0000120 support for some days now, as the meme token falls into a sideways pattern. This sideways momentum comes amid proclamations of a “crypto winter,” indicating that the bias would persist in the near term and likely worsen.
The broader market continues to fight to gain some bullish traction, but bears remain resolute in pressuring prices lower. That said, some volatility and volume could enter the market today as Terra takes a critical vote on its plan to rescue the ecosystem.
Meanwhile, my resistance levels are $0.0000150, $0.0000170, and $0.0000180, and my support levels are $0.0000120, $0.0000100, and $0.0000900.
Total Market Capitalization: $1.28 trillion
Shiba Inu Market Capitalization: $6.75 billion
Shiba Inu Dominance: 0.52%
Market Rank: #15
You can purchase Lucky Block here. Buy LBlock
